TASHKENT, Uzbekistan, April 8. Uzbekneftegaz, a state-owned holding company in Uzbekistan's oil and gas industry, has produced natural gas in the amount of 6.9 billion cubic meters from January through March 2024, Trend reports.
According to the data from the company, the production of natural gas amounted to 98 percent of the planned volume. The projected volume was 7.1 billion cubic meters.
Moreover, Uzbekneftegaz aims to generate 29.3 billion cubic meters of gas this year, which is lower than earlier predictions.
Uzbekneftegaz intends to take a number of geological and technological initiatives to accomplish this goal. Among these are 95 gas wells being drilled, 81 gas wells being restored to function following a full overhaul, and 42 technological measures being implemented.
Uzbekneftegaz is to invest more than $320 million in gas well drilling, $45 million in well maintenance, and $79.6 million in geological exploration for these activities.
Earlier, Fitch Ratings left the rating outlook of Uzbekneftegaz unchanged, only downgrading the creditworthiness from 'b+' to 'b' due to weaker-than-expected profitability, a projected slower decline in leverage, prolonged limited liquidity, and a recent breach of an interest coverage covenant for which the company received a non-compliance permit.